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Bigger is not necessarily better, according to the boss of Smith & Nephew, who shrugged off a wave of mergers passing through the healthcare industry.

The medical devices manufacturer disappointed the market yesterday with flat quarterly sales of $1.07 billion, hit by cancellations of operations in the US.

Olivier Bohuon, chief executive, insisted he was relaxed about a spate of huge deals in the industry, including a $13 billion buyout of Biomet by Zimmer Holdings. He said: “Many people believe that being bigger is better; we don’t, especially in reconstruction.”